Meats Futures Prices

July lean hog futures expired at $47.32. The other front months closed mixed to mostly lower. August contracts gained 22 cents on the day, while the deferred contracts closed with 22 to 65 cent losses. The CME Lean Hog index for July 13 was another 43 cents stronger at $46.05. The National Average Base Hog price for July 15 PM was $31.40, following a 38 cent bump. China’s Ag Ministry reported the average wholesale pork price at 48.8 yuan/kg (~$6.97/kg). That was UNCH wk/wk. On the other hand, the pork price index from July 6 to July 10, rose 6.8% wk/wk to 50.6 yuan/kg. USDA’s National Pork Carcass Cutout Value was $68.95 after a $2.71 bump. Hams were up the most with a $12.66 increase to $65.32 cwt. FI hog slaughter for the week through Wednesday was estimated at 1.393 million head. That is 5,000 head more wk/wk, and outpaces the same week a year ago by 46k head.

Aug 20 Hogs closed at $50.150, up $0.225,

Oct 20 Hogs closed at $49.425, down $0.250

the closing bell on Wednesday, front month live cattle futures were $0.45 to $2.50 higher. August fats touched the $3.00 limit but closed 50 cents below the high at $101.30. Feeder cattle futures also gained triple digits, with $1.80 to $2.70 gains in the front months. The CME Feeder Cattle index for July 14 was $135.91, up by 29 cents. This morning’s FCE online cattle auction sold 275 head of the 1,224 listed. Sales for KS steers were $95.50, and 95.75 for KS heifers. USDA reported other cash sales activity at $95, with some $96 sales in NE and some $97 in KS. The range is $95 to $100 for the week to date. Dressed activity has been light this week with the few sales mostly at $157. Wholesale boxed beef prices were mixed in the afternoon update, narrowing the Chc/Sel spread to $9.39. Choice boxes fell another 16 cents to the lowest quote since Dec 22 2017. Select boxes strengthened by 52 cents to $191.37 cwt. USDA estimated FI cattle slaughter for the week through Wednesday at 353,0... Read more